NYC Real Estate Lawyers Stupefied by Albany’s 421-a Stance

January 25, 2016 – Media Mention

The Real Deal

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Mitch
Korbey was quoted in The Real Deal regarding the recent expiration of property
tax abatement program 421-a, which he believes is crucial for ensuring new
affordable housing in New York City. Community boards are currently reviewing
the city’s proposed Mandatory Inclusionary Zoning policy in preparation for an
eventual City Council vote. But Korbey told the publication it would have
little bearing without an accompanying abatement. It’s “extraordinarily difficult to just have zoning be the tool to
incentivize affordable housing,” he said.